World-renowned Credit Agency Moody’s made good on its prediction with it being revealed on Monday that The Bahamas would be downgraded from BAA2 to BAA3, a fact that Opposition Leader Dr. Hubert Minnis said he finds troubling.
Dr. Minnis added that the current administration’s corruptness and irresponsible financial management is primarily responsible for the downgrade.
“We’ve been downgraded again this government has shown themselves to be irresponsible when it comes to managing this economy and they continue to spend as if money grows on trees.
“There is corruption as monies have been disappearing (Road Traffic and other ministries) but their party is overtly corrupt.
“Every day since Moody’s placed The Bahamas’ Ratings on review for downgrade in July we have learned of a new impact this failure of the PLP Government is having on The Bahamas. And now that Moody’s has officially downgraded the country’s credit rating the situation could get worse.
“The PLP Government told us that they had productive meetings with Moody’s yet they still issued a downgrade showing their lack of trust in the Prime Minister and this Government,” Dr. Minnis said.
Dr. Minnis added that the economy continues to spiral under the current administration and lambasted the prime minister, who is the Minister of Finance, for failing to make any significant improvements to the economy under their tenure.
“The PLP continues to drag The Bahamas through the dirt day in and day out. It is inexcusable that they refused to listen to the warnings that they needed to reign in their spending and now we are in this inexcusable situation,” he said.
“The prime minister claims that they have reigned in spending and reduced the deficit but that is just more empty rhetoric and broken promises according to Moody’s assessment. The Prime Minister and his government can only hide behind their smoke and mirrors for so long, before the Bahamian people hold them accountable in the next election.”
“Year after year the prime minister and his PLP Government have failed to make any improvements in our budget and our economy keeps getting worse and worse. Even with tax increases and higher fees placed on the backs of hardworking Bahamians they keep spending and putting The Bahamas’ financial standing at risk. But unfortunately for the Bahamian people they have become accustomed to the empty rhetoric and broken promises from the PLP,” Dr. Minnis said.
Dr. Minnis would go on to state that his party is truly the only political group that truly fights for the Bahamian people.
“The Bahamian people deserve a government that will stand up and fight to improve our economy. Our country’s future won’t improve until we have real leadership that will stop the empty rhetoric and broken promises and roll up their sleeves and fight for the Bahamian people every day. The FNM will provide this real leadership for the Bahamian people that they desperately need and deserve for their future,” he said.
The downgrade means the country will avoid the worst-case scenario, as its sovereign credit worthiness has been downgraded by a single notch, from BAA3 from to BAA2 with a “stable” outlook.
